According to the Financial Intelligence Unit (KoFIU), South Korea’s crypto market was worth 23 trillion won (~ US$16.1 billion) in the first half of 2022, down 58% from 32.2 trillion won in the six-month period at the end of 2021. Moreover, the daily trading volume has also declined by 53% compared to the preceding six-month period, to an average of 5.3 trillion won (around US$3.7 billion).